The second day of gains has severely stressed any shorts left in the market. Volume rose in confirmed accumulation as buyers pushed markets well away from nearest support. Best of the action belonged to the Dow Jones Industrial average with recovering 'buy' triggers in the MACD and +DI/-DI.

The S&P didn't quite match the Dow, nor did it close at new all-time highs, but it did trigger a fresh 'buy' signal as it pulled away from its 50-day MA. Only On-Balance-Volume remains to turn technicals net bullish once more.

Tech averages were not the biggest percentage gainers on the day, but they are the indices at new all-time highs with the strongest technicals. Momentum traders should focus on these indices.

The Russell 2000 was not to be outdone either. It remains very close to new all-time highs as it looks to break from a handle shaped over the course of 2017. The weekly chart looks particularly promising.

For tomorrow, it will be about trading the momentum of Tech stocks or looking to accumulate Small Cap stock/$RUT on weakness. There is nothing here for Shorts at the moment other than stress.